In a concentrated market where every producer faces a downsloping demand curve for his product, the price of the product will be higher than the marginal cost of production. In terms of market theory, which of the following statements will be true of this market? a. The market will be perfectly competitive in the long run b. The market cannot continue to exist in the long run because it will never be in equilibrium c. The market may be socially desirable (because of low unit cost) but it is not efficient according to market theory d. The market is efficient according to market theory, but it is not socially desirable
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